Avoid Foreclosure Monroe – In The Foreclosure Process? Avoid Foreclosure Florida
ByAvoid Foreclosure Monroe – In The Foreclosure Process?
State : Florida
Loan 80/20
Primary residence :: 4 months behind
I am in the foreclosure process now. I haven’t made a payment in 4 months and I am upsidedown on my mortgage ($100000). I have spoke with a lawyer and he said that I should file chapter 7 bk to avoid a def. Judgement or tax implications. I would like to do that as a last resort because I am a photographer and I have a lot of assets. My question is, is there any other options here in the sunshine state? I was thinking about the 1099-c. If I got them from both loans could and would I qualify for the morgage relief forgivness act? I have looked at the IRS and I’m not sure if both my loans would qualify? (mainly the heloc 20%) it is my primary residence and I bought the house with the same two loans and I didn’t refinace? Also is there anway to make sure I get a 1099 on both if this is a way out (to avoid bk?) and what type of lawyer would you suggest I contact? Thanks so much!
3 Comments
October 2nd, 2009 at 8:38 pm
I have performed foreclosure in the state of Florida. Although Florida allows for deficiency judgments it is pretty rare that the plaintiff seeks a deficiency judgment. However the way to protect yourself throughout a foreclosure would be to get an attorney to help you through the foreclosure. Since in Florida the foreclosures are judicial, if you get an attorney to represent you I am sure that they can probably help make sure that although your house is foreclosed you will not be liable for the deficiency. I would suggest a real estate attorney. Chances are that is all you will need and you will not need to file bankruptcy.
October 3rd, 2009 at 2:18 am
You let this slide for 4 months, and now you want answers? As I understand the relief option, you don’t qualify for mortgage relief and restructuring. You have to be up to date w/payments. If you spoke w/lawyer and you didn’t like his solution – talk to another one.
One who specializes in Real Estate.
October 3rd, 2009 at 6:29 am
You should contact your lender and arrange for a short sale. A short sale is when you sell the house and the bank agrees to accept a lower amount than what is owed on the balance of the loan. You should also find a Realtor that has plenty of experience in short sales because they are very difficult to close, also an experienced Attorney is also a must.
Bankruptcy in Fl alows you to keep a lot of your assets talk to a Attorney or two
The amount of the loan that is forgiven will be taxable income less the amount of loss on the sale, this may be offset.
This is a very important decision in your life you should consult wih professionals not just one but several in each field.